AMERICAN BANKS CLOSE
HUGE SUMS INVOLVED
FINANCIAL TROUBLES
United Press Association—By Klcctric Tclccraph—Copyrjgut. NEW YORK, 2nd January. ' The Hartford (Connecticut) City Bank Trust Company,^ with deposits of -'5,000,000 dollars, has closed its doors be'eause of the frozen assets. The East Hartford Trust, with deposits totalling 3,500,000 dollars, closed after heavy withdrawals. The closure of these two banks brings the total money tied up in banks closed iv New England since Ist October to approximately 142,000,000 dollars. The Williamsburg (Virginia) Bank, whoso deposits are unknown, and the Central Trust Company, of Owensboro (Kentucky), with deposits of 3,000,000 dollars, also have closed because of frozen assets.
A similar cause has brought about the closure of the Charleston (South Carolina) State Bank, with deposits of more than 24,000,000 dollars. Several small banks in the same State are similarly affected.
A voluntary petition for receivership lias been filed against tho American Commonwealth Power Corporation, ono of the largest gas and electric concerns in tho United States, with resources estimated at 320,000,000 dollars. The proceedings arise out of the concern's inability to secure tho necessary financing of 3,000,000 dollars in notes which fall duo shortly.
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Bibliographic details
Evening Post, Volume CXIII, Issue 2, 4 January 1932, Page 7
Word Count
190AMERICAN BANKS CLOSE Evening Post, Volume CXIII, Issue 2, 4 January 1932, Page 7
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